Part 1 Income Tax
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 15 Accountancy Change: Spreading of Adjustment

Section 102

Part 1 Income Tax

Application of this Part of this Schedule

1

(1)     This Part of this Schedule applies where—

(a)     there is a change of accounting approach from one period of account to the next in calculating the profits of a business for income tax purposes,

(b)     the later period of account ends on or after 22nd June 2005 and the basis on which the profits for that period are calculated is in accordance with UK GAAP (including SSAP 9 and Application Note G as interpreted by UITF 40), and

(c)     the earlier period of account ended before that date and the basis on which profits for that period were calculated was in accordance with UK GAAP (including SSAP 9 and Application Note G, but not as interpreted by UITF 40),

and has effect in relation to any adjustment income under Chapter 17 of Part 2 of ITTOIA 2005 attributable to the change of basis from that mentioned in paragraph (c) to that mentioned in paragraph (b).

(2)     In relation to a period for which accounts are drawn up in accordance with international accounting standards, the references

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